7 July 2009
A property supervisor body has been set up in Ras Al Khaimah, offering a greater sense of security for property investors in the emirate.
A number of developers have already registered their residential properties in Ras Al Khaimah with the The Ras Al Khaimah Investment Authority (RAKIA) Real Estate Regulatory Agency (RERA), which will govern the implementation of escrow accounts relating to all freehold development projects.
RAKIA RERA will also keep an eye on residential building work by hiring engineers to monitor off-plan developments.
Yahia Kambris, general manager, commented: “The escrow account has been implemented to prevent mishandling of construction funds and ensure that investors' money is spent according to the master plan of the project.
“The establishment of the new real estate watchdog is an important step in our efforts to safeguard and protect the interest of investors and reinforce the reputation of Ras Al Khaimah as an attractive and practical investment destination in the region.”
Select Group, Pure Real Estate, Stallion Properties, and e-myproperty, are among those developers that have already signed up to RAKIA RERA.
See Also: Ras Al Khaimah (1), Marc Da-Silva (269), Legal (4)
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